Last week, we explored two real-world ways you can use an AI language model to improve your small business from building efficiency to marketing your brand. This week, I’m continuing the discussion to bring you three more ways to use AI to support your business. Plus, I’ll explain when to bring in professional (human) business guidance that a machine can never replace.
The future is here, my friends! Here are 3 more ways to use AI to support your business.
3. Draft Corporate Resolutions and Annual Meeting Minutes
In order to fully enjoy the benefits of your business and keep it running worry-free, it’s important to keep up-to-date documentation on your business’s company meetings and any resolutions or changes you make to the business.
If you own a corporation, you’re required to conduct an annual meeting with the board of directors and record those meeting minutes. You’re also required to document any major changes to the business in a corporate resolution, which is a legally binding document that records the decisions made by the board of directors and any actions or next steps the company will take as a result.
If you own an LLC, you aren’t required by law to document your meetings or resolutions, but it’s in your and your company’s best interest to do so. If you don’t properly document decisions, discussions, or changes that occur in your business, you leave room for disagreement and conflict between you, your board of directors or members, your vendors, and your clients. At its worst, failing to properly document these items could result in a lawsuit against your company in which you are held personally liable, due to there not being documented separation between you and your business!
But don’t worry, documenting your meetings and discussions is easier than ever with the help of AI. An AI language model like ChatGPT or Jasper can help you create professional and complete documents for your business when you don’t have the ability or the time to do them yourself.
Of course, you can’t rely on AI to make sure the documents are completely accurate because the software only has the information you provide it to work from. Because of this, AI is an excellent tool for note-taking and drafting, but if you aren’t sure what the documentation requirements are for your business, or want to make sure your documentation is done properly, give me a call. I’d be happy to meet with you to ensure your business is in compliance with all local and national laws, and to make sure you and your company are protected from possible conflict and liability for years to come.
4. Document Loans Between You and Your Company
Owning a business is a challenging but rewarding experience. In addition to the sense of accomplishment you get from managing your business day-to-day, you also get to enjoy certain benefits as the owner of a company. You’re likely already familiar with the liability protection a business structure like an LLC or corporation can provide for you by keeping the risks and liabilities of your business separate from your personal assets.
But owning a business provides another financial benefit to you: you can borrow money from your company for your own personal use, almost like your own personal bank!
Now, that doesn’t mean you should just take out all the money you want from your business whenever you want with no formality in place. In the event of an IRS audit or a lawsuit brought against you, you’ll want to have clear documentation that the money you accessed was in fact a loan rather than regular income, and that any members or directors of your company have approved the loan.
Once again, you can start the process by using your notes about the transaction and an AI language model to draft loan documents such as:
- Meeting minutes noting the authorization of the loan
- A promissory note, with terms for repaying the loan
- What the interest on the loan will be
- Collateral on the loan, when appropriate
- The timeline for repaying the loan
By keeping thorough records of any loans you take from your business, you can leverage your business’s financial resources to make investments or pay off unexpected expenses, while still maintaining a separation between you and your business.
Now here’s the reality: just because AI can do it for you, doesn’t mean you will know to do it, or that you’ll even do it if you know you should. And that’s where we come in. As your a Business Advisor, we will make sure that your meeting minutes and any loans or other transactions that need to be documented actually get done, the right way.
5. Enhance the Customer Experience
Last but not least, using AI to improve your customer experience can make all the difference in growing your client base and building brand awareness. No matter what size your business is, customers are drawn to businesses that have signs, websites, and ads that are easy to understand, catchy, and thoughtfully written.
If you’re thinking you don’t have the skill to create excellent advertising materials or the budget to hire someone who does, AI can help. Using an AI language model, you can get professional, attention-grabbing materials without the price tag of a professional ad agency or copywriter.
For example, you can enter website copy you drafted and some information about your ideal customers into ChatGPT and it can create helpful information for your website. If you feel fairly confident in your writing skills but would like an extra set of “eyes” on your work, you can enter what you wrote into ChatGPT and ask it to provide suggestions to improve your work. With the help of AI, you can more easily manage some of your business’s biggest, but most important, hurdles to growth.
Guiding Your Business Through Every Stage
I love learning about new technology that can help a business grow and prosper. And as a small business owner myself, I know how hard it is to keep up with everything you need to do as an owner – from filing corporate reports, making tax payments, and making sure your company’s legal documents are complete and up-to-date.
I hope these uses for AI help you tackle your day with more efficiency and energy so you can bring even more of your heart and vision to your business. But, don’t forget that there are some things that even the best tech tools can’t do for you.
No matter how big or small your business is, every business needs trusted legal counsel and strategic planning to make sure the technology, Legal, Insurance, Financial and Tax (LIFT) systems you set up for your company will support it through every stage. I’ll help identify your real vision for your business, your business’s risks, and the Legal, Insurance, Financial, and Tax components you need to see your business grow into the future.
If you want to make sure all the pieces of your business are working together towards the goal you have for the business and the life you want, contact us today for a complimentary 15-minute consultation.
This article is a service of Stafford Law Firm, Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.